How the direct materials used

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Reference no: EM132667091

For June MLT Company had cost of good manufactured equal to P150, 000; materials purchases, P33, 000; depreciation of factory assets, P17, 000; cost of goods sold, P150, 000; expired insurance on factory assets, P2, 000; cost of goods available for sale, P190, 000; and total factory labor, P49, 000. Inventories were as follows

June 1 June 30

Materials P25, 000 P30, 000

Work in Process P50, 000 P40, 000

General factory overhead of P13, 000 was incurred in June; this figure includes all factory overhead except indirect labor, indirect materials, depreciation and insurance. Direct labor cost for the month was six times larger than indirect labor cost. The cost of indirect materials used was P1, 000. The company uses a single materials account for direct and indirect materials.

Problem 1: The direct materials used

Problem 2: Finished goods inventory, June 1

Reference no: EM132667091

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